Morgan Stanley(US:MS) Sou Hu Cai Jing·2025-07-28 23:18Group 1 - Morgan Stanley successfully issued 2 billion yuan of panda bonds in the Chinese interbank market, marking the first issuance by a US-based company [1] - The issuance has a term of 5 years and an interest rate of 1.98%, attracting diverse investors [1] - As of July 28, over 600 panda bonds have been issued, with a historical cumulative issuance exceeding 1 trillion yuan [1] Group 2 - The panda bond market has seen accelerated expansion in 2023, with 153.5 billion yuan registered in the first half of the year, a year-on-year increase of 165% [3] - Foreign government and international development institutions issued 23.5 billion yuan, up 161% compared to the previous year [3] - The issuance of panda bonds by international development institutions and multinational companies has increased by 23 percentage points compared to the same period last year [3] Group 3 - In a globally uncertain environment, the stability of the RMB exchange rate and a relatively loose RMB financing environment make panda bonds an important option for international investors [4] - As of June 2025, the total outstanding panda bonds reached 315.82 billion yuan, with foreign institutions holding approximately 59.736 billion yuan, accounting for 18.9% [4] - The panda bond market is expected to benefit from the acceleration of RMB internationalization, supported by policy and institutional improvements [4]